The Italian oilfield services company Saipem SpA is negotiating the sale of some robotics and underwater assets to the shipbuilding company Fincantieri SpA as part of a proposed merger deal with the Norwegian Subsea 7 SA. This is reported in a press release from Saipem.
The assets are part of the Robotics&Industrialized Solutions division for the production of unmanned underwater vehicles. The negotiations are preliminary in nature, taking into account the consideration by Saipem of various options, including the sale of assets or the search for a joint venture partner.
The proposed sale of Saipem assets to Fincantieri is aimed at fulfilling the requirements of the Italian government for a merger deal with the Norwegian Subsea 7, scheduled for the second half of 2026. In accordance with the so-called "golden power rule," the government has the right to determine the terms of transactions related to Italy's strategic assets.
In February 2025, Saipem and Subsea 7 agreed to combine assets in a 50/50 ratio. The revenue of the new company, called Saipem 7, could reach 20 billion euros. The headquarters of the combined company will be located in Milan (Italy) with an operational office in London (England).
Subsea 7 is a Norwegian offshore energy services company. The company is engaged in underwater engineering and the construction of underwater facilities in the marine energy sector. The headquarters is located in Oslo (Norway) with an office in the UK. The market value of Subsea 7 is $6.1 billion.
Saipem is one of the leading contracting companies in the oil and gas industry, particularly in the design, construction and operation of complex infrastructure and installations. The headquarters is located in the suburbs of Milan (Italy) with offices in 70 countries. The market value is $5.5 billion.
Fincantieri is the largest Italian shipbuilding company controlled by the Italian government. The headquarters is located in Trieste (Italy). The state-owned investment bank Cassa Depositi e Presti owns 71.32% of the shares.
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